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ACCA (the Association of Chartered Certified Accounting) launch another publication entitled Easy Guide to Setting Up Accountancy Practices in ASEAN Countries aimed to assist public practitioners set up their own accounting practices and venture into the ASEAN countries.

Encik Nik Mohd Hasyudeen Yusoff, President of Malaysian Institute of Accountants (MIA) launched the publication at a ceremony held on 21 February 2008 in Kuala Lumpur. YBhg Dato’ Khalid Ahmad, President of Malaysian Advisory Committee (MAC) and Mr Tay Kay Luan, ACCA Director of ASEAN and Australasia attended the event.

ACCA has taken the initiative to develop this guidebook in its efforts to provide an easy reference for public practitioners who intend to expand their services to ASEAN countries. In addition to that, it also reaffirms ACCA’s role to assist public practitioners to face the pressures of the globalisation and liberalisation process and understand the necessary steps to be taken in order to move forward and benefit from progressive liberalisation.

According to Tay, the publication is indeed timely, amidst the background of an ever-changing public accounting landscape across the region.

“ACCA is proud to play a part towards the development of accounting practices in the country by converting knowledge to competitive advantage. We hope public practitioners can use this guidebook as initial point of reference in setting up practices in preferred ASEAN countries”

 “The Easy Guide to Setting Up Accountancy Practices in ASEAN Countries is readable, informative and has a wealth of knowledge, and it provides easy reference for those busy accountants who want quick answers and cross comparisons in their advisory work,” he added.

The variety and complexity of business changes in recent years present challenges and opportunities for accounting professionals. Convergence of IFRS compliance, corporate governance requirement and an overall desire to serve clients that have gone regionally are prompting many public accountants to improve their value propositions.

“It is extremely important for public practitioners to be updated of the legislative changes in various emerging capital markets. To deliver value, public accountants must go beyond knowing the national law to become partners in business. They must understand their client business – so that they can advise to help their clients achieve their strategic goals,” Tay further added.

The accounting regulatory body, MIA, applauds ACCA’s initiative in providing this form of knowledge support to the Malaysian accounting public practitioners.

“MIA certainly encourages developmental efforts driven by professional accounting bodies such as what ACCA has done today because this will certainly culminate in further development and growth for members of the profession” Nik Mohd Hasyudeen said.

Nik also added that “as globalisation continues to provide the momentum for trade liberalisations to occur, the accountancy profession has been called upon time and again to be responsive to market trends. There is a need to forge ahead in the exploration of new ideas and options. This includes spreading our wings to venture into markets other than Malaysia”.

“Furthermore, with the ASEAN poised to become a free market by the year 2015 under the ASEAN Framework Agreement on Services (AFAS), accountants in public practice must seriously look into ways of expanding their businesses for the sake of sustainability,” he continued.

The publication is a product of a collective effort from ACCA Public Practice Committee, as well as receiving support and comments from ASEAN contributors and the Malaysian Institute of Accountants team for providing input and technical assistance. The Easy Guide to Setting Up Accountancy Practices in ASEAN Countries is made available upon request to ACCA Malaysia.

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